Automotive Properties Real Estate Investment Trust (REIT) announced its has has completed of a portfolio of 11 properties located in Ottawa and Kingston, Ontario from a privately held automotive dealership group.
The portfolio includes six properties that are exclusively occupied by nine automotive dealerships and five properties designated for ancillary dealership services, representing a total gross leasable area of approximately 303,817 square feet located on approximately 29.7 acres. Nine of the properties are located in the Ottawa, Ontario metropolitan area and two properties are located in Kingston, Ontario.
“This is our largest property acquisition to date and we look forward to adding a major new tenant group to our portfolio,” said Milton Lamb, president and CEO of the REIT. “The acquisition marks our entry into the Ottawa market, effectively positioning us in another major Canadian metropolitan area. In addition to enhancing the REIT’s geographic and tenant diversification, we are adding representation of two more major automotive brands to our portfolio – Subaru and Lexus – bringing the total number of brands represented in our property portfolio to 31.”
The automotive properties in Ottawa are Elite BMW, Civic Motors (Honda), Camco Acura, Mini Ottawa, Mendes Toyota, Ogilvie Subaru and Orleans Honda. The Kingston properties are Kingston Toyota and Lexus of Kingston.